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EMEA PE Opportunities in Healthcare: 5 Targets Ripe for Exit

Healthcare has emerged as a star sector in the first half of 2014, having accumulated the largest share of capital invested by EMEA-based private equity firms, as of 1 May 2014. S&P Capital IQ

transaction data showed an aggregate of €5.8bn in capital invested into new deals in the sector in Q1 2014 and a sizable amount of capital realisation at €13.4bn (representing 45 exits).

Overall, the sector appears to be heating up with multiples reaching close to pre-crisis highs and deal counts beginning to creep upwards in certain sub-sectors. Nevertheless with indications of potentially significant funds waiting for the appropriate opportunities in the traditional European healthcare industries, this trend seems unlikely to change in the short term. High multiples and pent up demand would continue to support compelling conditions for exits to trade or secondary buyers.

We have put our data and ideas to the test and have come up with a short list of 5 possible exits, over the coming 12 – 24 months, focusing on the 2009 vintage, late-stage development healthcare portfolio companies. Do you see these coming to market?

PROMETHERA Biosciences S.A./N.V (Biotechnology/Entry Oct ’09 @ €5.3mn) Discovers, develops, and commercializes products based on stem cell technology to treat liver diseases. The company was founded in 2009 and is based in Mont-Saint-Guibert, Belgium.

Evgen Limited (Biotechnology/Entry Nov ’09) Develops glucosinolate-based products for the prevention and treatment of human diseases.The company was founded in 2007 and is based in Manchester, United Kingdom.

Probiodrug AG (Pharmaceuticals/Entry Oct ’09 @ €36mn) Biopharmaceutical company, engages in the discovery and development of oral drugs for the treatment of age related diseases. The company was founded in 1997 and is based in Halle, Germany with an additional office and a subsidiary operation in Munich, Germany.

Institut Biophytis SAS (Pharmaceuticals/Entry June ’09 @ €3mn) Develops, produces and markets organic health ingredients for nutraceutical, pharmaceutical, and food industries. It also provides organic health dietary supplements. The company was founded in 2006 and is based in Paris, France.

Nyken B.V. (Pharmaceuticals/Entry July ’09) Bio-pharmaceutical company that engages in the development of drugs to treat atrial fibrillation. The company was founded in 2009 and is based in Groningen, Netherlands.